- a first draft of a prospectus; must be clearly marked to indicate that parts may be changed in the final prospectus
"because some portions of the cover page are printed in red ink a preliminary prospectus is sometimes called a red herring"
- any diversion intended to distract attention from the main issue
- The police followed a red herring while they let the true criminal escape.
- In order to distract the others, we brought up this irrelevant issue as a red herring.