The leaderboard will rank you after the slowest run you have made that week.
Here's a page of the leaderboards from right now
The 11:57 is the slowest run the current top contester -dicht.PinkGuy- has made this week.
Data (recorded from DE's database http://content.warframe.com/dynamic/trialStats.php) shows his fastest time for this week as 11:50.
This issue seems to be caused by the ingame leaderboard ranking the players after slowest recorded time for the week and should be relatively easy to fix.
Another way to see that it's bugged is also the fact the 2 people can't complete the raid. Would need to be atleast 4 people with the top time.
Thanks for taking a look at my post