OK, we resolved the issue. Apparently there was a ~/Library/ColorSync folder present, not owned by the logged in user, and the logged in user had no access. Given OS X's domain model, it looks like Acrobat Pro X looks at that folder when it launches, even though it doesn't need to, and it can't get into it, so it tosses up the error.
Removing the folder (since it's not needed) resolves the issue. If the folder was needed, we would change ownership and permissions so Acrobat Pro X could access it.
Problem solved.
Thanks,
Don