If you have a LG Vu 3 we don’t have good news for you.
LG shared that the Android 5.0 Lollipop update won’t be available for the Vu 3 phablet, which was announced in late 2013. The phablet launched in 2013 running Android 4.2.2 Jelly Bean.
The company released Android 4.4 KitKat for the Vu 3 which has a Qualcomm Snapdragon 800 coupled with 2GB of RAM. The hardware is decent enough to run Lollipop, but probably LG couldn’t refine its software.
According to LG the Android Lollipop for the Vu 3 couldn’t reach stable state and thus the plans to release the Lollipop for it were canceled.