The Collaborative International Dictionary of English v.0.48:

Misconceive \Mis`con*ceive"\, v. t. & i. [imp. & p. p.
   Misconceived; p. pr. & vb. n. Misconceiving.]
   To conceive wrongly; to interpret incorrectly; to receive a
   false notion of; to misunderstand; to misjudge; to
   misapprehend.
   [1913 Webster]

         Those things which, for want of due consideration
         heretofore, they have misconceived.      --Hooker.
   [1913 Webster]

   Syn: To misapprehend; misunderstand; mistake.
        [1913 Webster]