I ran into this issue with my Coonan 357 mag 1911 last weekend at the range. I shot through 200 hot reloads and I'd say 3-5 times it didn't lock back after the last round. It locks back easily with a empty mag inserted though. I'm wondering if the factory 22lb recoil spring is too light? It throws my brass 30+ ft away. Is it possible that these near max reloads cause the slide to rack back so fast and then bounce/slam back forward? I bought a 24, 26 and 28 lb Wolff spring to test out.
Ill have to take a look at the slide stop lever later tonight after reading other suggestions.
Edit: after reading some Coonan threads on the 1911 forums, seems like it's either a slide stop issue or a mag follower issue which is totally possible and makes sense.