I would begin by checking the following:
1) Are the VSM using vSwitch or n1k dvs port-profiles for their connectivity?
2) Are the VSM VM UP and they just do not have network conenctivity? or they are down as well?
3) Did you have systme VLANs defined for the both eth and veth port-profiles for the MGMT VLAN as well as control (if required)?
4) If you are using multiple uplink from the vem module do you have channel-group (mac pinning defined) under the eth port-profile?