What do the red-headed documents and the first draft of the prospectus mean?
In the United States, it refers to the initial prospectus of newly issued securities, which is mainly used to grasp the market interest in such securities. The contents of the prospectus do not include key figures such as issue price, profit and dividend forecast. In the United States, the law requires that red notices must be printed on the front of the instructions, hence the word "red herring".