red herring

(noun) any diversion intended to distract attention from the main issue. Synonyms: red herring.

(noun) a dried and smoked herring having a reddish color. Synonyms: red herring, smoked herring.

(noun) a first draft of a prospectus; must be clearly marked to indicate that parts may be changed in the final prospectus. Synonyms: preliminary prospectus, red herring. Example: "Because some portions of the cover page are printed in red ink a preliminary prospectus is sometimes called a red herring."