We can understand your concern about wanting to go back to a previous software if the newer one received is not functioning properly. Unfortunately, there is not a way to reverse an update once it has been downloaded. Have you tried any trouble shooting on your device yet since the update has been done?
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I have done many different things including wiping my phone, switching from 2Ghz to 5Ghz on my wifi, forgetting wifi networks, trying a different LG G3...
Just download and install and open. It changes your DNS to Google in and out instead of your router in and Google out. That's where the G3 problem lies...in the ipv6 router issue with lollipop. Just try it and see if wifi works.
Verizon support is not telling the truth to you. You can contact LG and they will downgrade you to Kit Kat because they know their Lollipop software is messed up royally.
How is it that LG will downgrade? What's the process? Does this involve sending the phone to LG under warranty, where to and/or from shipping is charged to the customer? Even if so, the update would re-install within days automatically. And, you would be the first to mention this as an option.
I did a chat with LG support because of this issue of notifications not working on wifi and they gave me the option to be downgraded to Kit Kat. I'm sure they would need you to send the phone in. I don't know about it upgrading right back to Lollipop though. That's something you would have to work out with them. They realize they screwed up on this Lollipop update if you get lucky and talk to the correct support person on chat. Good luck!