I was able to resolve the same issue by refer to the solution provided in Android Developer Portal, Report the error, remove the line from the or and it should now work. You will most likely see an error: for example b/55267 is about the option -XX:+UseCodeCacheFlushing not being recognized. Open a 'cmd.exe' (command prompt), cd to the android-studio\bin folder and run 'studio.bat'.
C:\Programs Files\Android\android-studio, or C:\Users\\AppData\Local\Android\android-studio) and find the 'bin' directory in there. Open the installation folder of Android Studio (e.g. In the Advanced tab > Environment Variables, add new system variable JAVA_HOME that points to your JDK folder, for example C:\Program Files\Java\jdk1.7.0_21. Workaround is to set a variable indicating the location of Java : On some systems the launcher script does not find where Java is installed.
This link lists another cause for the launcher malfunctioning.