Serious problem or easy fix?

I was turning a couple bottle stoppers yesterday and had my lathe freeze on me. I paused and left it alone for a day thinking it may just need to cool down as I had been using it for about 4 hours. The knob that controls the speed also seems to be pretty loose and wiggles around as well. Is this an issue I would be able to fix or should I contact Penn State (manufacturer and where I bought it from) about it?