This is happening on a Hyper-V VM running Windows 7 SP1 with the latest updates. Originally Reader 11.0.02 was installed after reviewing several threads with generic issues with this version I updated the base image to 11.0.03.
Upon application installation, the option for manual updates only was selected. I do not see any warnings or failures in Event Viewer. The AdobeARMService is showing up in Task Manager.
Uninstall\reinstalling the application does not help; neither does repair. The error does not occur on the base image.