Embedding bitmap jpg file from library using actionscript

I have exported a .jpg file for actionscript with class name Picture in the library. I have a class called EmbedAssets. For some reason it keeps coming up with the error: 1136: Incorrect number of arguments. Expected 2 and 1067: Implicit coercion of a value of type Picture to an unrelated type flash.display:DisplayObject.

I have created another example where I have embedded a movieclip and that works find, but for some reason it doesn’t seem to want to work with a .jpg file.

Here is the code:

package {
    import flash.display.Sprite;
    import flash.display.Bitmap;
    import flash.display.DisplayObject;
    import flash.display.BitmapData;
    public class EmbedAsset extends Sprite {
        public function EmbedAsset() {
        private function init():void {
            var picture:Picture = new Picture(); 

Any help would be greatly appreciated.

Thanks in advance!