BEER Ch. 4 The Red Herring

[Fiona Shnapple]

The term, red herring is part of a conversation about an IPO.

Can someone please explain how it might mean anything other than the
publication with red letters on the cover that is standard due
diligence that underwriters of IPOs and private placements and debt
and derivatives are obliged, by law, to provide to  deal makers and
prospective investors?
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