UPDATE - Resolved ----------------------------------
It seems that the issue was two fold. First of all, after using lubriplate grease to lube the action, the issue was much better. I then noticed that while using an aggressive thumbs forward hand hold, if my thumbs came in contact with the slide / action release, the it would sometimes allow the action to remain in battery after the last shot. I modified my grip/hand hold and its all good now. I am both relieved and extremely happy with this new SW22 Victory. On a side note, I installed a nitrile o ring and the take down screw no longer backs itself out after shooting over 350 rounds. It makes you wonder why S&W didn't send us all a bag full of o rings or spit washers.