Update: Toshiba will still do OLED R&D for lighting equipment, see below
Toshiba Mobile Displays plans to scrap plans to produce OLED displays. They will focus on LCD panels. TMD's spokesman Mashahiro Kume said: "The plan (for mass-production) is currently frozen. We'll review the production plan again from scratch". Hopefully they'll be back into OLEDs in the future.
Reportedly, TMD has invested $190 million in 2008 on an OLED production line back in 2008. They had plans to produce 1.5 million small OLED displays a month, with the first 3.x" panels coming 2010 and 4.3" panels in 2011. Back in 2009, Toshiba has unveiled a long-lifetime 4.15" AMOLED prototype. Toshiba and Panasonic were reported to collaborate on OLED TVs, but we haven't heard about that in a long time.
Update: According to CrunchGear, all staff involved in the production and R&D of OLED will be transferred to the LCD panel division. The company will now focus on doing OLED-related R&D for lighting equipment only.