UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 17838 / November 14, 2002

   , 02 CR 864 (NRB) (S.D.N.Y. November 14, 2002)

   , 02 CIV 5117 (SWK) (S.D.N.Y.)

   COURT ORDERS BARRY L. SAFFER, FORMER SENIOR FINANCIAL OFFICIAL OF
   MANUGISTICS GROUP, INC., TO DISGORGE $185,000 AND ENJOINS HIM FROM
   FUTURE VIOLATIONS OF THE SECURITIES LAWS

   On November 13, 2002, the United Stated District Court for the
   Southern District of New York ordered Barry L. Saffer, a former
   Director of Financial Planning and Analysis with Manugistics Group,
   Inc., in Rockville, Maryland, to pay $185,000 in disgorgement and
   enjoined him from further violations of the Federal securities laws.
   The Honorable Shirley Wohl Kram issued the order.

   On July 2, 2002, the Commission filed a civil action against Saffer
   alleging that he violated the anti-fraud provisions of the federal
   securities laws by engaging in illegal insider trading. , Litigation
   Release No. 17597 (July 3, 2002). The complaint states that Saffer
   obtained nonpublic company information by virtue of his position with
   Manugistics and traded in advance of company news announcements on
   multiple occasions over a three-year period from January 1999 through
   March 2002. Saffer consented to entry of the court's judgment against
   him.

   Also on July 2, 2002, Saffer pleaded guilty to ten counts of
   securities fraud in related criminal charges. On October 17, 2002, he
   was sentenced to twenty-four months of incarceration. , 02 CR 864
   (NRB) (S.D.N.Y.). The court delayed ordering restitution pending
   resolution of the Commission's civil enforcement action.

   The Commission acknowledges the assistance provided by the Chicago
   Board Options Exchange in the investigation of this matter.

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Modified 11/15/2002