Jersey Shore's Mike The Situation has a huge SITUATION!!!

Mike "The Situation" Sorrentino's ex managers just filed a $1 million lawsuit against him ... alleging they were wrongfully dumped after taking him from "relative obscurity" to stardom. 

Gotham NYC Entertainment filed the suit today ... claiming the Situation dumped them back in May "due to lack of performance." 

According to the lawsuit, Sitch was contractually required to give Gotham 30 days notice ... and a chance to correct any issues. But Gotham claims it never got that opportunity -- and therefore Sorrentino is in breach of his contract.

In the suit, Gotham states it has managed Situation since the 2009 premiere of "Jersey Shore" -- and that it not only discovered Sitch, but transformed "his career from relative obscurity to become an international celebrity."

Gotham is alleging breach of contract and suing for damages in excess of $1 million.