Wiki says 'yes' apparently. I guess that would make it the 'Cambrian' impact and extinction (or alternatively) evolution event. You can wiki it out yourself.

Cambrian, Edicaran, Ediacaran Biota, Vendian Fauna, and finally we have : Cyclomedusa! (it looks kind of like a Martian Blueberry!)

"The organisms of the Ediacaran Period first appeared around 580 million years ago and flourished until the cusp of the Cambrian 542 million years ago, when the characteristic communities of fossils vanished."

"Multiple hypotheses exist to explain this disappearance, including preservation bias, a changing environment, the advent of predators, and competition from other lifeforms." (an now a massive impact in Australia)

"A more precise date of 542 ± 0.3 mya for the extinction event at the beginning of the Cambrian has recently been submitted.[6] The rationale for this precise dating is interesting in itself as an example of paleological deductive reasoning. Exactly at the Cambrian boundary there is a marked fall in the abundance of carbon-13, a "reverse spike" that paleontologists call an excursion. It is so widespread that it is the best indicator of the position of the Precambrian-Cambrian boundary in stratigraphic sequences of roughly this age. One of the places that this well-established carbon-13 excursion occurs is in Oman. Amthor (2003) describes evidence from Oman that indicates the carbon-isotope excursion relates to a mass extinction: the disappearance of distinctive fossils from the Precambrian coincides exactly with the carbon-13 anomaly."

"The low resolution of the fossil record means that the disappearance of the Ediacarans remains something of a mystery. There appears to have been a relatively abrupt disappearance at the end of the Ediacaran period; reports of Cambrian "Ediacarans" are not universally accepted. The cause — and reality — of this disappearance is open to debate."

I can't find it now, but one biologist suggested that the cambrian fauna reevolved from an entirely different animal, suggesting a very severe event.