How many plys should it be? This stuff I used has a super thin veneer on both sides and 5 plys.
The 2 veneers are not giving/adding much strength. If your counting those as plys than that sheet is realy 3 ply and I think that's the problem, 5/8", 5 ply. I'd say that's the bare minimum # of plys for stability. The more the # of plys the more stable it will/should be.
I've bought _ finish _ ply (AA "face") from home depot before and it's not always very stable.
When they make ply wood they peal/unroll the log like a roll of paper towels in to one long sheet. If there's knots in the log a number of them will fall out and when they glue up the thin sheets together (@90 degrees to each other) there will be voids and that weakens the sheet. Cheaper ply wood will have more voids, even thou you can't see them, there are there. When you cut up the sheet and cut out the hole/s for the speaker/s there's less "meat" to keep the sheet flat. Some times you can get away with it and sometimes you can't.
I bought some 3/4", 7ply, AA, pine, ext. glue from menards, that was very good as far as stability. I made a work bench out of it and it's flat, strait, stable, solid as a rock. I think I paid around $30 a sheet. I'd buy it again. IIRC they also have it in 7 ply, 1/2". I would trust it to make a speaker baffle, altho I still think that's a little too thick for a single 12" speaker, but who knows? Might sound/work great?
Baltic birch is no void, multi ply and is VERY stable, but very pricey too. It is the favored ply wood for amp cabs and speaker baffles. I think 1/2" has 13 plies? But you wont find it at a big box store, I've never seen it there.
You can find it on line and you don't need much depending on how many baffles you need to make.
This might help you;
http://www.madehow.com/Volume-4/Plywood.html Brad