Question about blackout periods for employees

Can a company blackout the entire company without any notice or explanation? I am not an employee that’s subject to blackouts. Never have been. But suddenly they blacked out the whole company without notice. When emailing the admin they say “it’s a special blackout period with no further detail”.
I had a pending sale that was even cancelled. The notice was given after the transaction request, and went into effect immediately.
Even the rep said they’d never seen this. The end date in their system is 2099. Basically no start or end date. Just and immediate black out.
Can anyone explain the legality of all this either way?


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