RED lights mean your SIM card is not properly installed or activated.
Play around with the SIM card and see if you can get it to register with the MiFi. There should be a small example on how to insert the SIM on the black tab that is securring the SIM card right now. VZW can send you a replacement SIM card if you cannot get it resolved. Worst case scenario you can have VZW swap the MiFi itself for another if you are covered under the warranty.