I have found a quick workaround to this problem.
1. Open up the event_calendar/code/iCal.php file
2. Uncomment lines 42-44 (as of revision 83)
3. On line 42 replace "END:VEVENT" with whatever comes right after the end of your description in your .ics file. I am importing from Google Calendar, so for me I put "LAST-MODIFIED". You will need to open up the .ics file you are importing and see what comes after the description.
This may not work if you are importing .ics files from different sources with slightly different formats, but I am only importing from Google Calendar so this does the trick. If anyone can find a better fix for this please let me know.