2:05 PM PT -- A company spokesperson tells us, "The product referenced in the complaint is not sold by Walmart, but rather by third party Marketplace sellers. We take allegations like this seriously and are reviewing the claim. We will respond in court as appropriate after we have been served with the complaint."
Kanye West is going after Walmart for allegedly selling a knockoff version of his well-known foam shoe design ... at a fraction of the price.
According to new legal docs -- obtained by TMZ -- Kanye and his company, Yeezy, claim the retail giant copied his famous Yeezy Foam Runner and left customers confused about whether they were buying the real thing or an imitation.
Kanye claims Walmart could be costing Yeezy hundreds of millions of dollars in sales by doing so.
According to the docs ... Yeezy introduced its Foam Runner in 2019 and the footwear made its public debut in June 2020, selling out instantly at $75 a pop.
Yeezy claims Walmart then made an "unauthorized exact copy" and has been selling it -- at just under $25 a pair -- in order to cash in on the popularity of Kanye and the Foam Runner.
Kanye's side claims it sent a legal warning to Walmart and told them to pull the shoes from its site ... but it has failed to do so.
So, Kanye and Yeezy are suing for major damages. We reached out to Walmart ... no word back so far.