We've received a number of reports about IP values not updating properly and champion/rune purchases becoming unavailable due to IP issues in the PVP.net store.
Riot staff is aware of the issue and currently investigating the cause.
(1:30PM PST) - Staff is still looking into the issue, for some players you may be able to restart your client, join a new game and then try using the store to open up your purchases.
(4:30 PM PST) - This issue appears to be mostly resolved, please make sure you restart your client and check your PVP.net store for an updated IP display.
Just to follow up with Aregionius's post here: We are currently aware of this issue, and are actively working hard to determine the root cause, and to get this resolved as quickly as possible.
As soon as we get more concrete information, I will be sure to share these updates with all of you!
Hang tight guys, we will get this resolved!
UPDATE: The issue should be resolved! The next time that you sign-in, you will either need to play a game, or make a purchase for your IP total to correctly update. If you believe you are still experiencing issues, make sure to submit us a new Support Ticket, which you can find here: