Some additional information after reading a few threads in forums:

The issue seems to be with various Acer Aspire models.

Also, some mention in a thread that disabling acpi during boot fixes the 
problem (acpi=0). However, that is not a feasible option for laptops.
http://ubuntuforums.org/showthread.php?p=3899110#post3899110

Perhaps the problem is with Acer acpi?

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Failure to mount root filesystem, cause unknown
https://bugs.launchpad.net/bugs/67256
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