Declaring Embed in actionscript breaks swf

[MulticastManiac]

I am compiling action-script project using Flex SDK 4.6 and when I declare following in my class file it compiles and generates swf file just fine . But where swf is embedded when I right click it shows "Movie Not Loaded" . I am not even using it yet in actionscript declaration itself breaks swf . What can be causing this ?

    public class TestEmbed extends Sprite { 
     [Embed(source="swf_images/TestImage.png")]
      private var embeddedImage : Class;  
     public function TestEmbed() { 
          var mBall1:Bitmap = new embeddedImage() as Bitmap; 
          addChild(mBall1); 
          }  
     }