Nasty Dog, sorry for your problem. I haven't heard of any Colt Lightning style rifle made by any of the current makers performing the way they should with any consistency.
I have seen some used in several shoots, but not without problems that resulted in lots of misses due to malfunction. One pard had a new USFA model and his consistenly locked up causing the magazine tube to have to be removed to make the gun safe.
I have heard that of all the clones made the USFA model is considered the best (See my above comment), and the Thunderbolt the worst.. Some folks who refused to give up on their Lightning clones have spent a lot of money at specialty gunsmiths with various results from perfect to OK.
A new firearm is supposed to fuction reliably right out of the box, especially one that costs as much as yours. If you're new to the game, I would take it back to the dealer for a refund, and not even send it in for repair under warranty. I would then recomend a good lever rifle of your choice. The levers/toggle link guns have performed best for me like the 1866 and 1873.
The Lightning does look nice, but it just doesn't have a positive record in SASS, due to the speed we shoot at.