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"Red Herring"
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an issue, whether legal or factual, raised in a case or law school exam that may be important generally but that has no relevant importance to the question at hand.

Also, a preliminary prospectus, concerning a future stock issue, distributed during the WAITING PERIOD – the period from the filing date to the effective date of a registration statement. Source: Barron's Dictionary of Legal Terms, Steven H. Gifis, 5th Edition; ©
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