The lawsuit, filed in Los Angeles Superior Court, seeks unspecified monetary damages and a full accounting of the profits.
Vardalos, who wrote and starred in the film, and producers Hanks, Wilson and Gary Goetzman claim Gold Circle Films owes them their percentage "share of net profits." The lawsuit also names Big Wedding Prods. and Vortex Pictures as defendants.
The lawsuit said the movie cost $5 million to make. It has grossed about $370 million in theatrical sales, according to Box Office Mojo, a tracking firm. According to the plaintiffs, Gold Circle maintains the film's aggregate gross receipts total $287 million.
Scott Niemeyer, a principal at Gold Circle, has denied all claims in the lawsuit, which he labeled as "frivolous" and "completely without merit."
"Gold Circle has fully complied with its contractual obligations and has already paid plaintiffs a combined total of over $44 million in profits," he said in a statement. "Gold Circle has never thwarted the producers' audit rights."
Vardalos' contract stipulates an 8 percent participation in adjusted gross profits, while the other three plaintiffs are owed one-third each of the net balance remaining after backend disbursements, according to the lawsuit, filed Monday.
"The accounting statements rendered by defendants have been vague and inadequate in failing to provide information consistent with industry standards," it alleges.
Vardalos received an Oscar writing nomination for the movie.