Ared herring is a preliminary prospectus made available to prospective investors during the waiting period between the registration statement's ning with the SEC and its approval A red herring is a preliminary prospectus made available to prospective investors during the waiting period between the registration statement's filing with the SEC and its approval Ared herring is a preliminary prospectus made available to prospective investors during the waiting period between the registration statement's ning with the SEC and its approval A red herring is a preliminary prospectus made available to prospective investors during the waiting period between the registration statement's filing with the SEC and its approval