- Add the game directory to your antivirus exception list
- Start the game from patcher and click Verify button, then once process finishes, check again.
- Install DirectX 9.0c by running dxwebsetup.exe file located in EPW/element/ directory and check again
- Reinstall your graphic card drivers and check again
- Update your Windows (if your system is outdated it might be missing some libraries required to run the game)
- Install Microsoft Net Framework 4
- Install Microsoft Visual C++ 2010 Redistributable Package (x86)
- In the end restart your PC and check again
- If it still fails, redownload / reinstall the client
Try going through these. If this error is new and it worked a few days ago, you can also try a system restore.