The Herald has chosen not to name any of the parties allegedly involved.
Police have confirmed that they are "aware of the existence of the video".
However, a spokeswoman said police had not received a formal complaint over the incident.
She refused to answer any further questions, including whether anybody has been spoken to over the incident.
The principal of the school the students attend did not respond to approaches for comment.
Netsafe chief executive Martin Cocker says sharing the video could potentially result in people facing charges under the Harmful Digital Communications Act 2015.
If anyone is sent a video they are concerned about, they should either contact Netsafe or police, Cocker says, which would then spark inquiries.
"Just because you can record something and share it online doesn't mean you should," Cocker said.
"I don't think it needs explaining to the majority of the population that filming something like this and sharing it online is unacceptable.
"People tend to do it in the spur of the moment, they do it without thinking, but it's pretty obvious that it's not acceptable.
"But the key thing for us is that it does happen and we try to, as quickly as possible, respond to it and reduce the spread of a video if it's causing harm to the people in it."
She refused to answer any further questions, including whether anybody has been spoken to over the incident.
