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Yes it sounds like you have a bad battery. I am sure it is under warranty. Just get in contact with your local repair center. They will send it back to ridgid and get you one to replace it. Any problems or questions you can contact us at 18009505023.
It is a good idea to take your battery off of your equipment when not in use.
It sounds a little strange but we are finding that the equipment pulls a low amount of power even when it is off. Imagine your TV on standby even when it is off it is still using power. This situation drains the battery down completely which makes it difficult for the battery to take a charge.
Occasionally you can get your battery to take a charge by leaving it on the charger for awhile.