Did you ever find a resolution for this? We are experiencing the same problem.
I have tried the following:
Adjust IE setting as mentioned in every other article that can be found using google
Re-installed client multiple times, with full clean during each (cache, download files, unregister GAC components, etc)
Installed using admin privs
Manually registered all related DLL's and OCX
Added site to compatibility mode (IE8)
Manual registration of capicom.dll
etc, etc. If it was named in an HP forum or any other forum it has been tried.
Problem occurs in both IE8 and IE9 on both windows 7 x64 and x32. Behavior is consistant on same machine for all users. On machines that do work, it works for all users, so it is machine specific.
Using QC 10 (10.0.0.2520) Patch 28
Problem also occurs using HP provided QC Client on machines where :"The specified module could not be found" error occurs.