I'm moving your post to the AE forum.
What does the PSD contain? With which version of PS was it created? Could be a compatibility issue across versions with some of the more specific features liek group blending options, layer styles, smart objects and so on...
Is the PSD something other than RGB? Maybe CMYK or LAB color???
Everything is RGB. I've tried PSD CS5 and CS6. Nothing fancy with the layers...no layer effects,etc.
I even went so far as to create a new PSD file (with only one layer) and a new composition on AE. Still no luck. Get this, however. I was trying anything I could think of.... and determined that if I simply "turn on" the 3D toggle on any one of the layers, that it renders just fine. I have no idea why that would make a differenece, but it did.