The liquid crystal is crystals suspended in an oil type fluid. Remember, when the LCD crystals align and polarize in the fluid, they are mechanically moving and aligning. As the temperature cools, the viscosity of the oily fluid changes making it difficult for the crystals to move as fast as they can. Also, since there are so many formulas out there for different voltages and response speeds to allow features like passive scanning display LCDs which wont flutter, the fluid might be designed to be slow and viscus amplifying the cool down slowing effect.
You can clearly see this with LCDs where you push your finger over while operating, smearing around the fluid, disrupting the fluid and crystal alignment effect, with a freezing cold LCD, this fluid will move in a much slower smeary fashion.