When this issue occurs, you can find the following line of code in the XML element of the published source of the manifest file (<application_name>.application) that belongs to the application:
The .NET Framework 4.5 uses a new SHA-256 certificate that is not recognized by the .NET Framework 4.0 runtime. Therefore, the issue occurs when the .NET Framework 4 runtime parses the manifest.
For more information about ClickOnce manifests, go to following Microsoft MSDN webpage:
Article ID: 2719614 - Last Review: 4 Sep 2012 - Revision: 1