If you're on windows, will that happen on any qt wallet you'd try to run the first time?
You will get that strange error message the first time you start the wallet on both, windows and linux. Just ignore the message and restart the wallet, then it should be fine.
If I am not wrong, the wallet looks for some files which are created the first time the wallet is launched but obviously, it can't find them yet. After a wallet restrt, the message is gone and the wallet work like expected.
So that happens for the Pi coin qt only? Just asked because when I ran two other qt wallets prior to PiCoin, I didn't get any such notification but did only for the PiCoin qt... Although it's running now, the memory of that error message still lingers. Anyway, after running it the first time, someone tried to hack one of my google accounts. It could just be a coincidence though. Hope that event had nothing to do with running the PiCoin qt.