This article describes how to perform a factory reset.
INSTRUCTIONS & INFO
A master reset reverts the device back to factory settings. It will permanently erase all personal data, preferences, settings and content such as pictures, ringtones and apps that are saved to the device. Data stored to an SD card will not be erased unless otherwise selected. It is recommended that you save (backup) important data to your SIM, SD card, or a computer before proceeding.
From the home screen, tap the Settings icon.
Scroll to, then tap Backup & reset.
Tap Factory data reset.
Tap Reset tablet.
Tap Delete all.
Tap OK.
If unable to reset the device using the above steps, try the alternate master reset method by first powering the device off.
With your device powered off, press and hold down the Volume down and Power/Lock buttons at the same time.
Release the Power/Lock button when you see the LG logo, them immediately press and hold the Power/Lock button again. Keep the Volume down button held down during this process.
Release both buttons when you see "Factory data reset" at the top of the screen. Press the Volume down button to highlight "Yes," then press the Power/Lock button to select.