True, but whats actually wrong with it?
Once you start pulling reels apart you also void the warranty.
While I do agree with Derek, the OP sounds like he doesn't know to much about reels otherwise he wouldnt be asking the question so it could be worth getting it checked out by the Shimano service centre, if they find its not warrantable then just take it back.
Its worth making a call & asking.
Many people who don't know much about reels often cant put them back together once pulled apart!
I have 2 of the same reels, they are pretty cheap but I still treat them with the same respect as my most expensive reels & expect to get a good lifespan out of them.
@Will Wright, how old is the reel?
Has the reel been dropped in sand?
Has the reel been washed down after use with the drag done up?
Had the reel been left out in the elements?
Could be something very simple, could be not?