This is currently a known issue, UE-18052, however it has been marked as by design. This is because the user has most likely altered the default engine material in one project to reference a texture that is outside of the engine. Whenever they try to load another project, the texture cannot be found and the default material will fail to compile.
Let me know if that sounds like it could be the case here, and if not please provide the logs from the project’s Saved->Logs folder and I can continue to investigate.