I only receive this error when I'm enabling Zencoder library from Video Module. Not sure where to post this but because I can enable Zencoder and get my site to read it I thought I should consult Libraries API module instead to fix this.
Zencoder cannot work with Libraries API 1.0 so I had to upgrade to Alpha. Also tried it in Dev. Still get the error.
Warning: Invalid argument supplied for foreach() in libraries_info() (line 340 of /Users/me/Sites/acquia-drupal/sites/all/modules/libraries/libraries.module).