VB.NET Label controls don’t support the WordWrap property, because they always wrap long lines of text and there is no way to avoid it. However, you can simulate the VB6 behavior by changing the Height property, so that the wrapped lines aren’t visible.
The Label control in VB Migration Partner’s support library exposes the WordWrap control, but it always returns True. Any attempt to assign a different value is ignored (or throws an exception if the VB6Config.ThrowOnUnsupportedMembers property is True.)