Mine has done this about 3 times now. Unfortunately it came on a bike I bought so no warranty. First time I fixed it with a 2 pence O ring from my big box of O-rings from Aldi. It lasted about 3 months. Then I bought a reverb seal kit and changed all the seals and replaced the O ring again (it was the same one and had suffered the same obvious damage as the first one. The Proper O-ring from the kit lasted about 6 weeks!! So once again I replaced it with a cheap 2 pence O-ring from my Aldi kit and it has now been fine for 6 months of hard riding.
What I have noticed is that on the 3 previous occasions when the o-ring has gone the big silver nut on the reverb has worked loose. The last time I fixed it I used a bit of thread lock on it and it has stayed tight since and I am assuming this is where the problem lies.
Stripping and rebuilding the post is pretty straightforward (if a little daunting the first time) but you need a soft jawed vice and a circlip pliers as a minimum.