My guess is...
The flapper valve (which Groco calls a "gasket with spring"--part #s 10 and 25 on the exploded drawing) has failed...possibly only the spring. Or, you may just have pulled some debris into the intake that's hanging it up or clogged it. Take it apart to see, and if you can't find anything, give Groco a call on Monday... 410-712-4242.