you have 120 going into where?
in the old days, before Cisco turned Linksys into Crapsys, the linksys contained internal switch-mode power supplies, and ran on unregulated dc power supplies (wall warts). Newer crapsys gear outsourced the smps into the wall wart, which provides regulated 3.3 or 5v current for the device.
so, what does your trusty meter read on the output end of the power cord, that is, the end which plugs into the linksys?
you indicate this is a new device. I recommend returning to the place of purchase for exchange rather than voiding your warranty trying to trace the fault.