The problem could be a little of both depending on what products were used. Armstrong provides a gauranteed installation kit when their product is sold. It requires that the subfloor used be of a recommened underlayment and the leveler also be of a specific type. They also require a specific adhesive to be used and a specific notched trowel. If the kit was purchased and followed, and there is a problem, then they will replace your flooring material for free. The info is on their site:
http://www.armstrong.com/resflram/na...icle18128.html
If the adhesive was trowled out and the breathing time wasn't alloted for, then the bubbles could also be from the adhesive offgassing. Below is a link that describes the details of installing a vinyl floor and the proper underlayments.
http://www.rd.com/familyhandyman/art...inyl/glue.html