scrape it a bit and see. If its particle board, then the curling or peaks are due to water contamination with the particle board and has caused the glue and saw dust to release and expand, causing the peaks.
If it was mine, and IT WAS particle board, I would take the time and money to have this removed and re install real ply wood. This will keep this problem from happening again and you will not have to remove your flooring to sand down peaks again.