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I believe it is working as expected.
Someone might have made some changes on the document since it was last signed and the data does not match the signature.
It is a warning to the end user that the contents of the document can no longer be verified coming from whoever signed it.
Also, this can happen if there are multiple signatures on the document.
So you may try this; in your document, in the first signature field, certify the document (right click Certify with visible signature).
In the certify Document dialog that comes up, under "Permitted Actions after Certifying", select "Form fill-in and digital signatures".
Then each signer adds a signature and sends the document to the next person.
Any changes to the document other than additional signatures will invalidate the signatures.
Thanks for your answer.
The document has not been modified since it was last signed.
I use Adobe 11.0.0 and Adobe 11.0.17 to verify the same document which have multiple signatures , it comes up two results, Adobe 11.0.0 shows that all the signatures are valid, Adobe 11.0.17 shows only the last signature is valid.
So I guess there must be some difference between the two versions on signature verification.