It's a bad lens. Return it for refund or replacement; do not make any attempt to fix it as it will invalidate the warranty.
Testimonial: "Yes, my fears have been confirmed. Good advice backed by common sense. Thanks."
If you can return it for another, I'd do that. Otherwise, take it apart and fix it if you are handy. Most likely a loose screw.
http://irvdabird.multiply.com/journal/item/2/Nikon_AF-S_DX_Zoom-NIKKOR_18-70mm_DIY_Fix
Testimonial: "Practical advice. Didn't think about a self-repair option. I'll look for obvious screws or access locations."
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