Has this issue been resolve? I have the latest update to Acrobat X pro ((/24/2012) and this issue persists.
I'm also experiencing this problem. I have checked and the user does have admin privileges.
What I found my issue to be, and version (happend with 9, x, all updates) did not matter was that when Adobe was launched from the icon it creates on the desktop i would receive the error. Launching from the start menu or from the directory where it is installed got rid of the error. Seems to be some type of security settings with Windows 7. Atleast thats what my issue was.