The move comes three months after the company announced the closure of its Latin American operation in an attempt to save around $3m (£2.1m). In May, it revealed plans to "assess" its European operations.
24/7 Media Europe has appointed accountancy firm BDO to examine the company's legal position and to advise on what course of action the company should take.
Edgar Van Acht, European marketing director and general manager for the Netherlands, said the company is "very determined to keep the business running, despite the unexpectedness of the announcement".
"We see many opportunities in the market at the moment. We have the product and the clients to continue operating," he said.
Van Acht expects a decision to be reached in the coming weeks.
The announcement has come as a shock to the European company because the parent company only rolled out its proprietary internet ad server technology, 24/7 Connect, in Europe last month.
Shares in 24/7 Media dropped 2 cents to 23 cents (16p) yesterday on Nasdaq.