Are you trying to launch calibre portable from a Shortcut? If so, navigate to the portible's folder and try launching the actual EXE file.
I've had (once) my AV (MS's) delete the main EXE in an incorrectly accused calibre build.
Another gambit would be to rename the Portable's folder, reboot, install a new copy, and launch the new one. If it launches successfully then quit and copy the Calibre Library folder out of the old renamed folder tree into the new one, replacing the default library and try launching again.
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