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The reason is the codec. Use G-Spot or Mediainfo to determine the codec and post a screenshot.
My guess is that it is a delivery format, not an editable format.
It's lagarith which I've successfully have used in the past. Granted, that was =SD footage and not HD. That probably shouldn't matter though, should it?
Well, you talk about 720P which is HD, not SD. So if it is Lagarith in 1280 x 720P it should import without problems.
I have seen similar, when converting files to DV-AVI Type II (usually with Xvid, or DivX CODEC originally). PrPro will ONLY see a Duration of about 40 sec., or so. When this happens, my workflow is to Import those problem files into PrElements, where they are seen with correct Duration, and then Export them to the same exact settings. Then, PrPro sees the proper Duration. I have studied the two files (the one before PrE and the one produced by it with the same exact specs.) and they appear to be identical, byte-for-byte, but one will not work correctly in PrPro, while the other one will. What is different is still a full mystery to me.
Does not explain what is up with your file, but I would run it through AME and Export it to the same, or the closest choice, and then try Importing that file. I know that would be another step in the workflow, but is the best that I can do.
Wish I could find out the differences between the files, to know why one works perfectly, but the other one exhibits that Duration problem.
[Edit] Dang, while I was typing, Harm got in TWO replies!