Recent upgrade and now widespread issue, which would indicate something is likely needing to be refreshed. You do not mention which version of Sprinter. Can you let me know your version of Sprinter?
Sprinter supports matching version and down a few versions. Please check the Sprinter PAM to get a full list of compatible versions. For example though, Sprinter 12.01 will support ALM 12.0, ALM 11.52 (patch 2 or up), and ALM 11.0 (patch 16 or higher). Sprinter 12.01 though does not support a newer version, such as ALM 12.20. That is true for any version of Sprinter. Has to be matching version or lower for your ALM server.
Any chance you are not on Sprinter 12.20? That would be required as your ALM has moved to 12.20.
If you are on Sprinter 12.20, issue could be with the ALM client as you just upgraded. I would suggest using the ALM Client uninstaller to remove any current client files and then redownloading and installing the client. Have a user connect to ALM via the client first and make sure that is working fine, then test Sprinter.
Is still same at that point, could be an issue with your Sprinter. UAC should be off and an admin install is recommended. HP does not make those exact recommendations, but I have seen them be a solve to many Sprinter related permissions issues.