Owners of nearly 12 percent of BlackBerry developer Research in Motion are demanding a shakeup or sale, said Toronto activist investor Victor Alboini, who told IBTimes it had become a reactionary company trying to compete in an innovative industry.

Through his Jaguar Financial, Alboini acquired just less than 5 percent of the company in late August, then told IBTimes he would seek additional allies. In a statement Tuesday, he said he's gained support from shareholders holding another 7 percent.

RIM's U.S. shares rose nearly 3 percent in early trading to $23.90. They have fallen nearly 20 percent in the past month despite Jaguar's moves as well as several frequent rumors that Carl Icahn may buy into the company.

Pressure on Waterloo, Ontario-based RIM accelerated after the company reported dismal second-quarter results last month, including lackluster sales of its tablet, the BlackBerry PlayBook.

RIM needs a transformational leader, Alboini told IBTimes. He said co-founders Mike Lazarides and James Balsillie ought to be removed and alternatives considered. A respected leader is what exactly what RIM needs at this stage to re-orient the culture, recalibrate its competitive positioning and revive the spirit of invention, he added.

Alboini, an experienced mergers and acquisitions lawyer, declined to identify other allies in his takeover attempt. He is a devoted BlackBerry user who believes the company is not tapping all its potential.

As a result of RIM's problems in contrast to the huge success Apple has had with sales of its I Phone 4S and iPad 3, investors have suggested multiple candidates to acquire RIM, ranging from Microsoft to Nokia to Samsung, as well as private equity investors such as Silver Lake Partners.

RIM's market capitalization is $12.5 billion. Its enterprise value, the key metric for a takeover, is $10.95 billion.