VerifyError: Error #1014 / ReferenceError: Error #1065
These errors occurs when running a library swf ( used as an asset ) standalone. Normally when running the www/index.html the modularApplication.swf where the modular core classes are stored is loading the libraries. So at the moment when you load the library.swf the FlashPlayer can find these core classes in the memory and no error occurs. But when you run the library swf standalone the FlashPlayer can not verify/reference for example the super class modular.core.module.DisplayModule so it raise an error, the VerifyError or ReferenceError.
This especially happens when compiling with Flash CS4 because it will start the ProjectLibrary.swf everytime you CTRL-ENTER.
You can ignore these errors as the flashplayer will find these classes when running the www/index.html file.