I also have a red message at the top of the launcher, you can click on it and it will open folder where you will find log file with more information.
Even though the message is red for me game works just fine.
It will be nice if you write all steps e.g. game installed here (which version of the game), does the launcher installs the median completely, look inside game folder and make sure you have .mpq file by sigma, sigma.dll, not sure what else you need etc.