Hello 330RCS welcome to the EBR forums and hope you will enjoy your new RipCurrent S.
Now, on to your situation.
The first thing I would recommend to anyone with an air suspension fork is, "Buy a bike shock pump". The cost is about $25. Besides being able to fill and bleed the air shock, the included gauge will measure the amount of pressure "PSI" in the shock. Depending on the model fork, your style of riding, and your weight, pressures can be from 50 to 200 psi. I would check this first.
So, how much PSI ? As for the Mozo air shock on the RipCurrent S, I have not been able to get a guide or chart on the amounts from Mozo or Juiced Bikes. OK, this is not set in stone, but I generally go with a starting PSI that is 50% the rider weight for a soft ride to 75% for a more firm ride. Then adjust the PSI as needed for ride and for sag. I'm about 190 to 200 lbs. and run between 80 to 100 PSI.
It is possible that too much air was filled into the shock. The other possibility is that their is no air, no pressure in the air shock. Basically, the shock has bottomed out. You need to check that air pressure. I've also heard of the shocks sometimes getting stuck or frozen in place on new units. The remedy has been to release all the air from the shock, then refilling the shock.
Now , while the PSI might be the cause, it may be the compression lockout may be stuck.
Check that the red knob is actually engaging the lockout stem in the shock. Verify that the center screw is on tight and the knob is not slipping on the stem You should hear several clicks as you turn the knob. You can remove the knob, but be careful, there are ball bearings and springs under the knob. Check the underside and verify the knob is not broken or rounded out.
Next, inside the shock you will see the stem in the center that the screw and red knob sit on is the shaft for the compression lockout. You will notice it has a hexagonal head. Without placing any downward pressure on the shock, see if you can rotate it using a wrench. It should rotate smoothly.
I don't know if this helps, but maybe it gives you a starting point.