There is intense public interest surrounding the conservation and management of sharks, including a debate over whether sustainable shark fisheries are possible or fishing bans on sharks are needed to conserve these animals. An important but rarely discussed data point in discussions of global shark fisheries is the case of British Columbia's fishery for Pacific spiny dogfish, Squalus suckleyi, which in 2011 became the first Marine Stewardship Council−certified shark fishery anywhere in the world. A few years later, despite reportedly healthy local stocks and thriving global markets for this shark, the fishery voluntarily withdrew its MSC certification, and in recent years more than 95% of the quota for Pacific spiny dogfish has been left in the water. This study provides insight into what happened to this fishery through a review of grey literature and a series of stakeholder interviews with British Columbian fishermen, fish processors, managers and environmentalists. It is a rare case study of a fishery that largely ceased operations without a clear mechanistic explanation like a stock collapse, a government mandate to limit fishing or a clear shift in market demand. This fishery appears to have been affected by the combination of several factors, including a temporary reduction in biomass due to oceanographic effects, potential blowback from overly broad environmental messaging that did not distinguish between sustainable and unsustainable shark fisheries, management changes resulting in altered fishing incentives and changes to processing capacity associated with consolidating the fishing industry into ownership by relatively few large companies.