Since this just happend with the latest update, I would suggest trying the following:
1. Go to Start→ Select Devices and Printers.
2. Access all Network Printers installed on your machine.
3. Right click on network printers to access the printer properties.
4. Open the Sharing Tab and give your printer a share name.
5. If you wish not to share your printer then you may choose to give it a Share Name and then select “Do not Share” Checkbox.
6. Please ensure that all Network printers have been assigned a Share name otherwise problem will persist. Please find below the screenshot for your reference
This suggestion was taken from the technical note titled Acrobat and Reader 10.1.2 Printing Issues.