The smaller pseudobulb is last year's growth.
This photo may change things. Try to contact the seller. Did this tallest growth, with leaves, develop since last winter? Or did it develop last growing season, and hold the leaves over the winter? Do you know whether the seller actually grows these orchids, or merely buys them for resale?
How many roots does it have?
If the growth is new this growing season, you should be watering profusely, and this unfortunately was not the best time to repot. If this is last year's growth, you should stop watering until it makes new roots and a new shoot, as I described before.
Some vendors don't let them go dormant when they should, in order to ship plants with leaves. But this unfortunately makes things more difficult for the recipient to figure out.
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