Which of the Following Best Defines the Term Red Herring

Which of the following best defines the term red herring?

A) A public issue of securities in which securities are first offered to existing shareholders. Also called a rights offering.
B) The purchase of securities from the issuing company by an investment banker for resale to the public.
C) A preliminary prospectus distributed to prospective investors in a new issue of securities.
D) The creation and sale of securities on public markets.
E) Legal document describing details of the issuing corporation and the proposed offering to potential investors.