The lawsuit seeks $125 million from Vivendi but did not give a breakdown of how much that amount represents in profits Vivendi received and how much Shearer says he is entitled to in additional damages.
The film earned $4.5 million in theaters when it was released, and its re-release earned $193,000, according to figures from box office analysis firm comScore.
Those figures do not take into account money the film earned on the home video market, which would include VHS tapes, DVDs, Blu-Ray and its airings on television and cable.
Vivendi told Shearer and his co-creators that their share of merchandise between the 1984 release of the film and 2013 was $81, the lawsuit stated.
The company said their share of profits on music on songs such as "Sex Farm" and "Stonehenge" was $98, according to the lawsuit, which also said Vivendi has not provided accounting for the film's profits since 2013.
The band included Shearer, Christopher Guest and Michael McKean, who were later joined by actor-director Rob Reiner to create the film and its music. Guest, McKean and Reiner are not plaintiffs in the lawsuit filed by Shearer's company, Century of Progress Productions.
Vivendi in an emailed statement declined comment on the lawsuit.
A jury would determine the amount of any damages awarded to Shearer's company. He is also asking a judge to award him trademarks to the band name Spinal Tap and his character's name, Derek Smalls.
If awarded the trademarks, Shearer could use the names to sell Spinal Tap-related merchandise.
The comedian also voices several characters on the long-running Fox animated series The Simpsons.