How old is it? If it's new you really need to give it some time to break in properly and allow the metal parts to mate to each other and smooth things out.
A little verticle play in an AXIS lock is usually because the lock bar isn't sliding the last fraction of a mm forward which gives it a little wiggle room. Once it breaks in this for the most part disappears. Sometimes there can be a discernable amount if you are really looking for it but is nothing to be concerned about. Even a noticeable amount doesn't hurt anything.
If it's been used try washing it out, blasting the lock with compressed air, and giving the lock bar a drop of oil. Dirt, lint, gummy oil, and general funk can cause the lock to get sticky.