That is called wired-OR, yes.
To be perfectly correct, it's wired-OR when the inputs are positive logic and the output is negative logic; otherwise, it's wired-NOR (all positive logic) or wired-NAND (all negative logic). These are just Boolean identities (read more about the subject, and reason it out -- all will become clear.)
There is no reverse current, because neither transistor is driven to negative voltage in the process. If a transistor were voltage-output, it would; but it's not, so it doesn't.
Tim