Its wanting to run in admin mode, and for now you need to if it does not interfere with other Steam games you have. Usually this is only a issue if you play games with a lot of Modding I recently learned. (Thank you RevReece) . I would actually ReVerify it, then when done night be a good idea to reboot both your PC and Steam. When this is done, launch Steam in Admin Mode (Again if thats not a issue for you) , verify one more time and then launch the game. Currently there are some issues involving Steam with CMANO , mostly in Windows 7 it seems. Dev team is aware and working on it. One such fix was applied today and thats most likely the update you spoke off in your post.
I know that my suggestions seem a bit over cautious , but I would not recommend such a process unless I thought it were prudent. Many lost the ability to play CMANO for a day or more, trying to help you avoid any such issues is my only reason for the suggestion.
Good Luck, and post here or Steam if any more issues. Certainly post here, the Devs need all the data they can aquire on the recent Steam troubles.