There are two problems here: exposure and white balance. I assume the markings on the device are supposed to be white: they're not in the images you post, which indicates a white-balance problem.
Here's why overexposure messes up colours. If you think about it, you already know that overexposing can mess up colours since, if you massively overexpose, every colour turns to white. If you think a bit more, you'll probably also realise that, since massive overexposure completely destroys colour, overexposing by a smaller amount should damage the colours to a lesser extent.
Here's how. Suppose that the true value of the colour of the light is two parts red to one part green (which would be a sort of orangey yellow, but it will do for illustration). Now, let's consider some different exposures of the same colour. For the first exposure, imagine that the red component registers at 60% intensity, which means that the green will be at 30% and the colour will be recorded properly. Now, imagine taking another photo with twice the exposure. That means the green will be at 60% intensity and the red should be at 120% intensity but, of course, it can't be. It'll be at 100%, so the colour won't be recorded correctly: instead of two parts red to one part green, you'll get two parts red to 1.2 parts green and the colour will look a bit too yellow. If you expose for three times as long as the original photo, you'll end up with the red at 100% intensity and the green at 90%, which is a very yellow two parts red to 1.8 parts green. A common situation where this happens is in photographs that include blue sky on a bright day: if you notice that the sky looks too cyan-green in your photograph, it's because the blue channel maxed out so what you see has too much red and, especially, green in it.
Unfortunately, even if your camera has a highlight alert, it probably won't be triggered by just one colour hitting maximum intensity. The only way to avoid overexposure messing with your colours is to set the histogram to show all three colour channels (red, green and blue) and to check that none of the graphs is bunched up at the right-hand side, which would indicate a colour maxing out.