12:12 PM PT -- One of Diddy's attorneys, Erica Wolff, tells TMZ … "As Mr. Combs’ legal team has emphasized, he cannot address every meritless allegation in what has become a reckless media circus. That said, Mr. Combs emphatically and categorically denies as false and defamatory any claim that he sexually abused anyone, including minors. He looks forward to proving his innocence and vindicating himself in court, where the truth will be established based on evidence, not speculation."

Diddy is about to be hit with lawsuits for sexual assault and abuse, and a Houston-based law firm representing 120 accusers is telling some of their stories for the first time ... including allegations Diddy sexually abused a 9-year-old boy.

Attorney Tony Buzbee says a wave of lawsuits will be filed against Diddy in the next 30 days, including from an accuser who claims he was only 9 years old when Diddy and others sexually abused him at the Bad Boy Records studio in New York City.

Buzbee claims Diddy lured the 9-year-old to an audition with the promise of a record deal, and then allegedly sexually abused him.

In addition, Buzbee claims his law firm will be filing suit on behalf of other accusers who claim they were minors when Diddy abused them ... including another who says Diddy forced them to perform oral sex.

Buzbee says another accuser was 15 years old when they were flown out to NYC to attend a party, where they were drugged and taken into a private room with Diddy, where he allegedly raped her before others took turns having their way with her.

A big-time attorney who has sued a bunch of celebs including Travis Scott and Chris Brown, Buzbee claims his clients were raped, sexually assaulted and sexually exploited by Diddy and his associates ... and he says they were typically forced to consume a drink that was laced with xylazine, or "tranq" -- a horse tranquilizer.

As we reported ... Buzbee's law firm announced Friday they were repping more than 50 alleged victims who came forward with "gut-wrenching" stories about what went down at Diddy's alleged "Freak Off" parties.

Buzbee described the "mindboggling" allegations as "debauchery and depravity, exacted by powerful people" and ... and now he says there are 120 accusers who will be filing individual lawsuits against Diddy and others.

It sounds like a massive issue ... Buzbee strongly hinted other celebrities would be named in the lawsuits, and he said he would be suing anyone who was involved or knew about the alleged abuse and refused to put an end to things.

Buzbee said the alleged abuse happened in well-known venues and hotels as well as private residences ... mostly in Los Angeles and New York ... and he said the lawsuits will include "names that will shock you."

It should be noted Buzbee has not yet filed a single case in any jurisdiction.

Meanwhile, Diddy is facing a mountain of other lawsuits ... sitting in jail as he awaits trial following his arrest and a federal indictment.

Diddy's pled not guilty to charges of sex trafficking, kidnapping and racketeering in the federal case.

Marc Agnifilo, Diddy's attorney, is fighting hard for the Bad Boy Records founder ... claiming the feds are gunning for Diddy simply because he's a "successful Black man."

Sounds like the federal indictment and the already filed lawsuits are just the tip of the iceberg here.