ID 538787 - Mesh turns black when painting using Vertex Paint

Problem summary
Mesh turns black when painting using Vertex Paint.

Customer reported version
Modo 16.1v2

Customer reported platform
Windows 11

Steps to reproduce
1) Open Modo and create a Primitive plane then Subdivide the mesh. 

2)  Navigate to > Layout > Layouts > Paint.

3) In the 3D Viewport, change the "Default" preset to "Vertex Map".

4) Go to Vertex Map > Create... > set the Vertex Map type to RGB, then press OK.

5) Go to the Vertex Map Tools under Brushes, then select the Paint tool and enable Set Color.

6) In the 3D Viewport, color onto the mesh and observe the graphical errors.
 

Expected behavior
Painting on the mesh should be visible and updated in real time.

Actual behavior
When painting onto the mesh the mesh becomes a solid color and does not update in real time.

Workaround
Unknown.

Reproduced by Support in:
16.1v3 - Windows 11, macOS 11.7 Big Sur
16.1v2 - Windows 11, macOS 11.7 Big Sur
16.1v1 - Windows 11, macOS 11.7 Big Sur - regression

Unable to reproduce bug in:
16.0v4 - Windows 11, macOS 11.7 Big Sur

Earliest version tested
16.0v4 - This issue doesn't appear in this version and has regressed