I have almost the exact same problem and posted this at Tactical Shotguns (the photos are available if you are registered on THR - I cannot figure how to get them posted here:
I disassembled my SPX when I first received it some time ago. I discovered a small ring (no more than 1/16" thickness, split ring, that fits the OD of the mag tube precisely) that came out of somewhere when I removed the gas piston assembly. Here is a link to a fellah who is now having the same problem, but with great pics showing the exact small ring I too am speaking of:
http://www.thehighroad.org/showthread.php?t=534358. When I reassembled, I assumed this small ring was the gas seal described in my manual, so I slid it on the mag tube in front of the gas piston per the manual and assembled the barrel over that.
Well, at long last, I finally got the SPX out to fire for the first time yesterday, putting about twenty slugs through to sight it in. It seemed to cycle fine, with one or two FTE. When I followed up with Federal Tactical buckshot however, it absolutely would not cycle! Worse, upon disassembly, I could not find that small ring!
Well, last night I discovered it pushed into the large piston spring area in front of the gas ports, wedged behind the gas seal that is pressed behind the large spring - this clearly accounts for the lack of pressure to cycle! In order to remove the gas piston spring assembly in order to remove the wedged small ring, I tried to remove the large retaining piece/screw with a tool that fits, but it won't budge. Any advice there?
Once I get that off and the culprit unknown ring removed, I know I am in for a hassle to replace it per Smitty in CT here:
http://thefiringline.com/forums/showthread.php?t=390408, but I have no option to remove that wedged small ring. I still need to know where the hell that small ring was supposed to have originally gone, as it certainly wasn't supposed to go where I put it!
Thanks in advance for any and all assistance.