Moving the Shared Project Directory
If a shared project directory is moved or the path to the shared project directory changes, the existing local copies of the shared project will no longer point to the correct location. It is highly recommended that each local copy of the project be checked in before moving the shared project directory.
To repoint an existing local copy to the new shared project directory, open the existing copy and use Share->Repoint to Moved Shared Directory.
You could also retrieve a new local copy using Share->Get and Open Shared Project, but if you had any local changes or any pages checked out when the shared directory was move, those changes and check out status will not be maintained.