I happened on this thread looking for an answer with a similar problem with my Kobo Glo (firmware version .31): the reader opens the book, but when I try to turn the page it acts as though I was creating a bookmark on the page (the little angle folding at the top right) and goes straight to the home.
The ebook I'm using is for free download, so I've attached it if you need looking at it.
I've also attached a Northanger Abbey epub from Proj. Gutenberg as it does the same thing, but only
when I use the index to go straight to a certain chapter. If I turn the pages manually it works like a charm.
Both books were transferred trough Calibre.
Hope it helps figuring out the bug.