It appears that Moonfang is summoned by killing the wolves around the western side of the island. First you kill Moonfang Snarlers to spawn Moonfang Dreadhowl, and then you kill those to summon Moonfang herself.
She does a zone wide howl/yell when she spawns to alert players.
Moonfang cannot be out-run or snared; not certain if she can be stunned. Her DoT ignores abilities and spells that normally make the player invulnerable. (I used Ice Block and still died.)
It is possible to kill Moonfang with 20 players, but you'll essentially be zerging from the DMF graveyard. If you'd rather not eat a very large repair bill and don't want the fight to take a long time, then you will need to assemble a 40-man raid.
Spawn time is exactly 1 hour as long as you kill the normal & elite wolves when they spawn :)
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