Can the blu studio energy upgrade to Lollipop?

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AC Question

I have a Blu Studio Energy and would like to upgrade it to Lollipop 5.1.1. Can it be done? If yes, then how do I achieve this?
 
I keep hoping Blu will follow through with what they said when I bought my Studio Energy a few months ago. Their ads all said (and still say) that it is upgradeable to Lollipop. They even put out an announcement that the upgrade was coming in June, then July, then August and then NOTHING!

I have bought Blu products for sometime now, but this may be my last purchase. I have tried to contact BLU, but they don't answer the phone, reply to emails or even comment on their Facebook page.

Some who bought the Studio Energy are contemplating a Class Action suit to get their attention.
 
I suspect Blu will not fulfill its promise to update the Studio Energy to lollipop. Why? They just released a new model, the Blu Studio Energy "2", which runs Android 5.1. Nice, cynical move, Blu. Why bother giving a free update when you can sell a new phone with updated software ? Seems like deceptive advertising to me. Shame on you Blu!