First try restarting you phone, possible by completely powering off then on your device or by holding the power and home buttons for 10 seconds (basically until you see it restart). After this is done try the application again.
Still not working? Go to your devices settings page, scroll down until you find EasyBeats in the list. Choose enable the option to reset to defaults then restart the phone again.
Wow still not working?! I would think then that there was some issue when the update was originally installed. The best thing to do would be to delete the application, then reinstall/repurchase it (you won't be recharged if you use the same iTunes account). This will ensure you get the latest version from the App store and make sure it's installed on a clean slate.
For more information look at the section "Reinstall the Application" about halfway down the page at this link here