These are some tests that you can do.
1. Measure resistance between pins 2 and 3 on XLR. If open or high, remove XLR connector and repair broken wires. If no broken wire, then transformer is gone. See last paragraph.
2. Unscrew the capsule. If wire is broken, repair. If not, proceed.
3. Remove wires from capsule and measure resistance, which should be very low (less than 100 ohms). If open or high resistance, the capsule is gone.
If the capsule is gone, you can send the mic in with the downloadable form on Shure's website. For $50 they will destroy your old mic and send you a brand new one, in the box with all accessories.