It looks like there has been some kind of logical or perhaps firmware failure to the hard drive, hence why the disk management is not able to recognize the file system.
Here is what you can do:
1. Download some kind of free data recovery software if you are looking to recover some data from the hard drive. If it recovers something but restricts you from downloading the files, then you can proceed to purchasing the software and getting your files back.
2. If the data recovery software does not help, you may want to seek professional data recovery assistance. Do your research first though before you commit to a company. Last thing you want is to give your hard drive into the wrong hands.
3. If you are not looking to recover the data, and just want a working hard drive, you can proceed to Western Digital website and open up an RMA number for exchange. They should replace it for you at no charge. You will just have to cover up the shipping costs.