Rod Wave Being Sued for $27 Million By Grizzly Touring

Rod Wave's "Last Lap" tour didn't conclude as planned, and the Florida rapper is now staring down a new lawsuit filed by concert giant Grizzly Touring, who says Wave made costly mistakes ... to the tune of $27 million!!!

According to legal docs, obtained by TMZ Hip Hop, Grizzly claims Rod Wave and Hit House Entertainment owe the touring company approximately $27 million in unearned advances, insisting the "Rags To Riches" star flat out REFUSED to honor his contractual obligations to secure exclusivity to his live performances.

Grizzly says they advanced Rod Wave and were set to pay him $40,250,000 for 35 shows -- and even advanced him $20,125,000 upfront to cover various costs, including production ... and then advanced even more money for various expenses, bringing the grand total to more than $57 million.

Yet to date, the touring giant says Rod has only performed 26 shows, earning $29,900,000 against the guarantee, and Grizzly says he or Hit House haven't complied with their demands for the extra $27 million owed on the advances!!!

To add insult to injury, Grizzly says they've been watching Rod's pockets and saw how he spent the unearned advance money on private jets and a lavish 2nd home.

The lawsuit claims Rod Wave also announced plans to launch a new tour through his own touring company ... which Grizzly says is a blatant violation of his obligation to give them exclusivity under the contract.

All in all, Grizzly says it is owed more than $27 million for the advances plus additional damages for their lost profits ... and they want the judge to block Wave from performing any concerts in violation of the exclusivity provision of their deal.