Thank you to all who responded to my post. AT&T has begun to acknowledge that these issues are much more widespread then they would like to admit. When I wrote this, I was so fed up with the amount of time AT&T wasted while they attempted to troubleshoot (figure out) and "resolve" this issue. I will switch numbers if I absolutely have to but because of business reasons I would prefer not to have to resort to this. I did however, after getting the device replaced, go into ATT and get a new sim card installed as well.
UPDATE: Since my last post, I've had some issues but they seem to be more manageable with LTE off. The phone seems to get very confused with the option to choose between the two networks. Since then, I've visited AT&T stores friday and sunday and another phone kiosk as well. Two of the three agents that I spoke with were experiencing these exact same issues! At the AT&T store on Sunday I was told that there were ATLEAST 100 complaints per day, all week last week regarding this issue. (The rep mentioned complaints from families not receiving calls about family passing away and police officers also missing calls.)
He mentioned that AT&T was attempting a network update to fix the issue as of Friday but no word on whether the problems are still ongoing. I asked how they intend to keep customers experiencing these issues and how to handle considering many of us are in sales and require our phones for business operation.
I asked about switching devices in order to have a functioning device and was discouraged from doing so but with less solid info about why. I would suggest that everyone having these problems continue to post so that we can all try to troubleshoot and push our carriers and apple for resolutions and or refunds where necessary.