Post any defects you find in the released or beta versions of the ImageMagick software here. Include the ImageMagick version, OS, and any command-line required to reproduce the problem. Got a patch for a bug? Post it here.
Your PSD file has an adjustment layer. IM currently cannot handle that. But the developers are currently working to add features to be able to work with adjustment layers.
Thanks for responding to our request Yanofsky. We are currently working on preserving the adjustment layers when you convert from PSD to PSD. Actually applying the information from the adjustment layer will be a lot more work and we are not sure when/if we will add that. Not sure if the invalid output is only caused by the adjustment layer, will take a look at it next week probably.
I don't know what an adjustment layer is, but would it be possible to read it and treat it as an ordinary image? Then that image could be used for subsequent processing in IM, to do whatever users want.