I have an older LPH400 that recently started pushing air into the paint cup. I also just purchased a (brand new) LPH 400 and it is doing the same thing. What could be causing it?
I found this out when I adapted a DeKups to a HF gun.
It was pressurizing the bladder/cup! With thinner in the cup and the trigger pulled in the air only position a stream of bubbles entered.
Per sprint_9's advice I tightened the nozzle to gorilla torque and the bubbles quit.