This is not the first time it has occurred to me, both times have been on this character. I don't consider it a very big deal but it almost killed me the first time before I caught it.
It's not a big deal because it's very simple to fix by just re-logging.
First pic, you can see I have 10 AC despite having 20 Dex.
Second pic, you can see the message for me equipping a weapon but nothing is applied, then I equip my practice baton in my off hand, giving me +5 AC, which is actually working properly if you consider my loss of dex bonus to parry. However my AC was only actually increased by +3.
Not sure if this is really helpful at all, and I've got no idea how to create this occurrence.