hmm, I checked the release notes just to confirm
Content appears “out of date” when clients have up-to-date content
Fix ID: 2436471
Symptom: The Download Protection Content report shows a failure, with out-of-date content, when the clients have up-to-date content.
Solution: The method that SEPM uses to calculate content dates was modified to correct this issue.
However you are seeing this issue even after upgrade.
since this is a reporting issue, there is not much we can do at the client end.
my suggestion would be to upgrade just your sepm to 12.1.4 ( now its RU4a) , You can postpone your clients upgade.
How many clients you have in your network, we might need to plan accordingly.