The easiest way to fix the issue is to upgrade to 14.04.2 or 14.04.3 - It worked for me
Does anyone have a solution to the kernel panic on boot after a system update? The only 'solution' is to select a previous version of the kernel in grub or to reinstall the system from scratch. Frustrating. Apparently I'm not the only one having this issue. Thank you
Inspiron 3000 series with Ubuntu 14.04 LTS -- Kernel panic after system update