Carver PM-1.5 Working but Protection Light On

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Hey guys, I'm admittedly somewhat naive when it comes to the workings of power amplifiers. I know enough to understand how not to break it and how to use it properly, but when we start talking internal components, I don't know a whole lot. So I'm not looking for detailed repair instructions but rather thoughts/opinions on how serious the issue might be and possible causes.

So as the title of the post suggests, I have a Carver PM-1.5 power amp in my rig. Last night I powered it on and immediately the protection light came on. Oddly, both pilot lights came on as well and the amp appeared to be ready (it does not shutdown, or display any other signs of protection mode like the flashing pilot lights, audible sound, etc). Still I shut it down, tested everything (AC power, all cables, etc) yet I still get the same behavior. Upon further testing the amplifier itself seems to be working fine. If I send input to it, it works with no audible distortion or other audio issues.

From reading the manual for this amp, it sounds like the only time the protection light should come on is if the protection circuit engages at which point the amp would go into protection mode or shut down completely. Neither is happening so I'm curious as to what the issue might be. I'm assuming it would be a bad idea to continue operating the amp in this state. I'm looking for some expert opinions here.
 
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