Seemingly innocuous "Command failed: Error opening device: No such file or directory" error when booting with an encrypted logical volume

Issue

• Created an encrypted logical volume with cryptsetup and at the beginning of the boot process, the following is displayed:

  Starting udev:                                            [  OK  ]
  Loading default keymap (us):                              [  OK  ]
  Setting hostname localhost.localdomain                    [  OK  ]
  Starting disk encryption:
  Command failed: Error opening device: No such file or directory
                                                            [FAILED]
  Setting up Logical Volume Management:   3 logical volumes in volume group "VolGroup00" now active
                                                            [  OK  ]
  Starting disk encryption:
  Enter LUKS passphrase for /dev/mapper/VolGroup00-cryptedLV:  <proper password entered>
  key slot 0 unlocked.
  Command successful.
                                                            [  OK  ]