Hmmm... I don't know that anyone has the exact answer to this question. From what I understand, Emanuel (the name for this update) is considered more of an adjustment than a penalty.
The official Google blog says that if a site has a lot of DMCA takedown requests filed against it then the site will rank lower in the SERPS. But if it's just one page, it would seem to me that this would not necessarily be the case.
Here's a quote from Search Engine Land:
Google might argue, as it has done with Penguin, that Emanuel isn even a penalty at all but rather an “adjustment.” The sites hit by Emanuel won’t be penalized. They just won’t be as rewarded when the new system kicks in.
Adjustment or not, my guess is that it will feel like a penalty to the sites hit. They’ll drop from the first page of search results and effectively be invisible. Chances are (I’m checking on this, this will be a signal that’s periodically checked, so that if a site seems to have received fewer requests over time, it might see its rankings get restored.
Postscript: Google said it was too early to detail how the process will work and that it will be “adjusting as we go.”
For my sites, a 10% drop could be a normal fluctuation so it's hard to say whether your whole site has been penalized or not.
Sorry I don't have the answer. I'll be paying attention to this thread though in case someone has more information!
