That is the way Microtech makes their knives (and damn good ones I may add).
The, "really thin piece that looked like it was all messed up (like all bent and wavy)" are the thrust bearings (or washers) and are made that way.
What you can do is take the knife apart and clean it (all of the parts) with warm water and a mild liquid detergent. Towel dry but ensure that it's completely dry (you can let it air dry or use a hair dryer). If the washers aren't shiney. . .take some "000" steel wool and shine them up (won't take much). Get some good lube (MilTec, Sentry Solutions, Rem Oil, etc.). . .I prefer Sentry Solutions Hi-Slip Grease. . .and apply/evenly disturbute a small amount of lubricant to the thrust bearings. Put the knife back together and wipe it down with a Tuf-Cloth.
Should be in superb working order after a bath and lube !
If not. . .you need to send it back to Microtech.
Hope this helps.
Let us know how it turns out.