I did a quick search on Altera's website and saw a solution that might help you:
http://www.altera.com/support/kdb/rd03262007_346.html I have copied and pasted the solution below:
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Problem
Why does my Quartus II software version 7.0 on UNIX or Linux report a license failure when I have a single license available?
Solution
For a compilation performed in the user interface, the Quartus® II software version 7.0 on Linux and Solaris incorrectly requires two licenses, or seats, of the "quartus" license feature. If your floating license includes a single available license seat, the software generates the following messages during compilation:
Warning: Additional floating licenses for feature quartus not available -- all available floating licenses are in use
Error: Current license file does not support the <device name> device
Error: Quartus II Fitter was unsuccessful. 1 error, 1 warning
To fix this problem in the Quartus II software version 7.0 so that each compilation requires only one license seat, download and install the appropriate patch from one of the following links:
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The patch can be found online.
Now that's done, does someone have the updated Quartus installation script for Ubuntu?