Your Masdevallia is a hybrid where the cross is (Masd. angulata x Masd. vietchiana).
The unusual leaf growth is the leaf buckling. Usually from a lack of sufficient water. Whether it's due to under watering or root damage remains to be checked.
So...
Check for root rot.
Then it bears the question, " How often does it get watered?"
Masdevallia vietchiana is a middle elevation to very high elevation (when I say very high elevation, think Machu Pichu) Masdevallia from the Andes Mountains. It commonly resides in cool cloud forests on trees covered with moss.
Masdevallia angulata is a low to middle elevation Masdevallia. It resides in warmer rain forests.
In our "Orchids in the Wild" forum here on the OB, you can see what a cloud forest looks like. Here's the link:
http://www.orchidboard.com/community...or-photos.html
I'd hazard a guess that the temperature range for your Masdevallia would be about 55 F to 90 F.
The concentration of fertilizer necessary is usually 1/4 to 1/2 the recommended concentration on the bottle every 2 weeks.
They grow in bright shade to moderately bright indirect light, usually for most types, not any brighter.
Humidity of about 60% - 70% is good enough to encourage proper blooming.
Since your orchid is a hybrid, I don't know when it's supposed to bloom. It could bloom randomly at any given time of the year, multiple times. Or it may bloom only twice a year, idk.
The inflorescence grows from the small stem below each leaf. Don't confuse the leaf's petiole for the stem.
A pic of a petiole:
Great Plant Escape
They like good air circulation, btw.
A photo of the entire plant would help too.