"RACK-ton" was the pronunciation for this planet's name from the script pronunciation guide.  However, according to Startrek.com, the pronunciation for Hakton was "HAWK-tun". Presumably, the planet was M-class. 
According to the Star Trek: Star Charts (p. 46, "United Federation of Planets I"), the Hakton system was located in or near Cardassian space, in the Alpha Quadrant. This system was a single star system. Primary was a Class M star with a magnitude of +7, which was 1/10 as bright as Sol. Hakton VII was listed as a member planet of the Federation in 2378.