This paper examines the contagion effects of stock price crashes along the supply chain. We find that stock price crashes can be transmitted from major customers to suppliers with a delay of up to two weeks. This delay is moderated by the information transparency of the affected suppliers. A long-short trading strategy based on the delayed crash transmission generates significantly positive abnormal returns of 3% per month. In addition, major customer stock price crashes can significantly predict supplier firms being delisted from stock markets in the near future. The results are robust to a battery of sensitivity tests. Overall, our findings shed new light on the consequences of stock price crashes.