Malibu low voltage lights

I've got a string of 4 Malibu exterior low voltage lights. All of the lights work except the first one in the string. I can measure 11.4V at the socket of the non-working light but, when I plug in the bulb, it still doesn't work. Interesting enough, the remaining 3 lights measure 12.3V at the socket. Could this be a corrosion problem in the one socket??
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