Lawyers for Facebook and dozens of investors who have sued the company over its $16 billion initial public offering have asked a New York judicial panel to hear the cases in Manhattan federal court.

The investors allege that they lost money due to technical glitches on the NASDAQ stock market, and they accuse Facebook of selectively disclosing unflattering information about its business prospects to Wall Street analysts, who then shared it with privileged investors.

Investors also have sued NASDAQ OMX Group Inc., claiming it was negligent in failing to execute trades amid record-breaking volume during the IPO. Ballard Spahr’s William A. Slaughter, an attorney for NASDAQ, told the judicial panel that although the exchange agreed that the same judge should hear both sets of lawsuits, the Facebook and NASDAQ lawsuits should proceed on separate tracks.

“The two sets of actions … really don’t have much in common,” Mr. Slaughter said.

Practice Area