Initially Lab Management 2010 was supposed to be shipped with the 2010 Wave of the Microsof’s ALM offer. However, the product being at its first version (then very young), Microsoft decided to push the release date in order to make it as good as people wanted it to be (honestly it was a good call).
The final version came out as an update of the TFS/Visual Studio bits release in April.
You have to apply it on the client and server side.
It’s highly recommended to install this update even if you don’t use Lab Management capabilities because it includes all the QFEs and some minor fixes/improvements released up to this day.