Wordpress 3.9.4 failing to update

We have Wordpress 3.9.4. On /network > Updates it says 'You have the latest version of WordPress'. Which it clearly isn't. I was instructed to Upgrade Network, so I tried but got the following error (where SITENAME is our real site name):

Upgrade Network

Warning! Problem updating http://SITENAME.com. Your server may not be able to connect to sites running on it. Error message: Could not resolve host: SITENAME.com (Timeout while contacting DNS servers)

Then I saw that on our /wp-admin dashboard it said that Wordpress 4.1.2 is available. So I clicked on the 'Update Now' link. It appeared to be updating, ie took time processing, but then it said 'Wordpress 3.9.4 You have the latest version of Wordpress'.

On both /network and /wp-admin it says we have the latest version at 3.9.4.

Thanks for your help