I solved the problem using the following:
sudo rm -rf /usr/local/MATLAB/<MATLAB_RELEASE>/bin/glnxa64/libtiff.so.5
sudo ln -s /usr/lib/x86_64-linux-gnu/libtiff.so.5.2.4 /usr/local/MATLAB/<MATLAB_RELEASE>/bin/glnxa64/libtiff.so.5
The first command line removes the libtiff.xo.5 file from its original path. The second command is to link /usr/lib/x86_64-linux-gnu/libtiff.so.5.2.4 to /usr/local/MATLAB/<MATLAB_RELEASE>/bin/glnxa64/libtiff.so.5. This way, the two file versions correspond and the problem is solved.
Execute the command
locate libtiff.so.5.2.4
You will find this file in the /usr/local/MATLAB/<MATLAB_RELEASE>/bin/glnxa64/ directory:
/usr/lib/x86_64-linux-gnu/libtiff.so.5.2.4
The above is only currently valid for my computer, if you have a better answer, please feel free to suggest it.
Reference: