The Shareholders Association has contacted the NZX regarding an "unusual" rise in Rakon's share price in the lead-up to a major announcement last week.
The technology manufacturer's share price rose 26.6 per cent, from 18.3c to 23c, in the eight trading days prior to July 5, when the company announced it would sell 80 per cent of its Chinese joint-venture factory for US$18.8 million ($24 million) to reduce debt.
"We saw some price movements in Rakon that we thought were unusual and wanted to draw that to the attention of the NZX," said Shareholders Association chairman John Hawkins.
Rakon chairman Bryan Mogridge and managing director Brent Robinson were not immediately available for comment.
Mt Wellington-based Rakon is selling the stake in the Chinese plant to Shenzhen Stock Exchange-listed ZheJiang East Crystal Electronic, an electronic components manufacturer.
The New Zealand company will retain a 5 per cent holding in the venture.
Rakon reported a loss of $32.8 million for its last financial year, when it cut up to 60 local jobs to shift manufacturing to China.
In May the company said it wanted to reduce debt from the $40 million it was expected to reach later this year to $13.5 million by March 2014.
Shares are trading at 23c this morning.