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This is a a classical situation. You have to check if the links between the Public Folder Database and the Public Folder Hierarchy is connected. (And if not, here the way how you should be able to rebuild it)

Create the "Folder Hierarchies" under the Exchange Administrative Group

1. Right click on Exchange Administrative Group
2. Select New Object
3. Select msExchPublicFolderTreeContainer for the class and click Next
4. Enter the following for the value: Folder Hierarchies, click Next
5. Click Finish

Create Public Folder Tree Object

1. Right click CN=Folder Hierarchies -> New Object
2. Selected msExchPFTree for the class
3. For the value we entered, "Public Folders" and clicked next
4. Clicked on the "More Attributes" button, selected msExchPFTreeType and set the value to 1. Note: This is very important that this value is set to a value of 1 as this tells Exchange that this is a MAPI Tree
5. Click Ok and then finish

Populate msExchOwningPFTreeBL attribute object of the PF Stores in the organization (Since this attribute is not directly editable, you have to follow the below steps to do this for each PF store)

1. Get properties of the newly created "Public Folders" Tree object in ADSIEdit.
2. Copy the distinguishedname value to the clipboard and then click cancel.
3. Navigate to the Storage group that contains the Public Folder Store for this server and get properties of the server.
4. Locate the msExchOwningPFTree attribute and paste in the value that was copied to the clipboard in step 2. Click OK.
5. Restart the Information Store Service
6. Attempt to mount the PF store if it is not already.