red herring (Noun) — Any diversion intended to distract attention from the main issue.
red herring (Noun) — A dried and smoked herring having a reddish colour.
red herring (Noun) — A first draft of a prospectus; must be clearly marked to indicate that parts may be changed in the final prospectus. ex. "because some portions of the cover page are printed in red ink a preliminary prospectus is sometimes called a red herring"