I have Android Studio Beta. I created a new project with compile my old modules but when I tried launching the app it did not launch with the message:
Error:
Deleting .gradle as suggested by Suragch wasn't enough for me. Additionally, I had to perform a Build > Clean Project.
.gradle
Build > Clean Project
Note that, in order to see .gradle, you need to switch to the "Project" view in the navigator on the top left: