This is due to the outdated version of libgfortran inside Matlab. We need to modify it to point it to a different one inside the directory.
cd /usr/local/MATLAB/<matlabversion>/sys/os/glnxa64
ls -l
create new symlinks:
sudo rm libgfortran.so.3
sudo ln -s /usr/lib/x86_64-linux-gnu/libgfortran.so.3.0.0 libgfortran.so.3
sudo rm libstdc++.so.6
sudo ln -s /usr/lib/gcc/x86_64-linux-gnu/4.4/libstdc++.so libstdc++.so.6