Help ... I am trying to groove-clip loop an audio file but when I do, the audio file changes to nearly twice the length and plays at a slower speed (i.e. the original audio file is stretched + sounds like it is in slow motion). This is different to rolling out copies of the same audio file which is what I would normally expect. Am I missing something or is there a problem with groove-clip looping audio files?
 
Any ideas?

I have seen similar. I had a groove clip I had dragged to the browser in Splat long ago, and when I previewed or dragged it into CbB, it was less than 1/2 its original speed. I then opened that file with a wav editor and it was fine, so there was something baked into it that affected BPM. IIRC it was saved at 90 BPM and I previewed it in a 120 BPM project, but it was around 30 BPM in actual speed. No solution for you unfortunately, but can confirm I have seen this issue.

Thanks for the reply mettelus, hopefully someone will take a look at it + fix accordingly.  

Sometimes the program needs help figuring out the beat count. Try opening the groove clip in the Loop Construction View and correct the Beats value.

Thanks scook your answer solved my problem.