Lupin III's explanation is more technically correct. LED's are diodes, not resistors.
If you place a voltage across a diode (with a current limiting resistor, of course!), the diode effectively "clamps" the voltage at its anode at a value equal to its forward voltage drop with respect to its cathode. For the red LED, it "clamps" this voltage to 2.4 volts. This means that there is 2.4 volts of potential at the anode with respect to the cathode. Since the other LED's in parallel have a forward voltage drop of 3.4, the 2.4 volts is insufficient to overcome this, and no current flows through them. All diodes behave this way, including silicon and germanium, which have approx 0.7 and 0.3 forward voltage drops respectively. Apply a smaller voltage than the FVD to a diode and you'll find that no current flows.