If you think you have discovered a bug in libtool, you should think twice: the libtool maintainer is notorious for passing the buck (or maybe that should be “passing the bug”). Libtool was invented to fix known deficiencies in shared library implementations, so, in a way, most of the bugs in libtool are actually bugs in other operating systems. However, the libtool maintainer would definitely be happy to add support for somebody else’s buggy operating system. [I wish there was a good way to do winking smiley-faces in Texinfo.]
Genuine bugs in libtool include problems with shell script portability, documentation errors, and failures in the test suite (see Libtool test suite).
First, check the documentation and help screens to make sure that the behaviour you think is a problem is not already mentioned as a feature.
Then, you should read the Emacs guide to reporting bugs (see Reporting Bugs in The Emacs Manual). Some of the details listed there are specific to Emacs, but the principle behind them is a general one.
Finally, send a bug report to the Libtool bug reporting address email@example.com with any appropriate facts, such as test suite output (see When tests fail), all the details needed to reproduce the bug, and a brief description of why you think the behaviour is a bug. Be sure to include the word “libtool” in the subject line, as well as the version number you are using (which can be found by typing libtool --version).